Mass. Gov. Gets Bill Capping Flood Insurance Rates
|By Marie Szaniszlo, Boston Herald|
|McClatchy-Tribune Information Services|
The bill the state
Should the homeowner decide to buy flood insurance that only covers the balance of the mortgage, the creditor must provide a notice to the homeowner that explains they are buying flood insurance that may not be sufficient to cover all losses.
"This bill will offer protection to families who could face unsustainable rate increases through no fault of their own," Attorney General
A spokeswoman for Patrick, who has eight more days to sign the bill, declined to comment.
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